These favorable trends are driven by aging populations in developed markets and increasing access to health coverage in emerging markets. This is particularly true for chronic kidney failure, where FSE is the world leader. In spite of a temporary headwind due to the trend for outpatient treatment in German clinics, which entails pressure on admissions growth, we still expect the group to report global mid-single-digit revenue growth in 2019. This resilience in topline growth also reflects the group's ability to negotiate price hikes every year. We estimate that FSE generates about €1 billion of discretionary cash flows on average per year. This reflects the group's large revenue base and the limited impact of working capital. However, we foresee that cash
